Memecoin KAMA Has the Potential to Rise Again After Democratic Support

Bittime - In the latest developments in the world of cryptocurrencies, the Solana-based memecoin Kamala Horris (KAMA) shows significant upside potential. This token, inspired by United States Vice President Kamala Harris, saw a drastic price spike following positive news from the Democratic campaign.

Democratic Campaign and Market Sentiment towards Memecoin KAMA

Market sentiment towards the KAMA memecoin got a big boost after the latest round of donations tied to the Democratic campaign managed to raise $81 million in 24 hours. This news increased optimism among some cryptocurrency traders, who saw this as a positive signal for the future of the KAMA token.

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Kamala Harris' Chances as the Democratic Candidate

Odds or chances of Kamala Harris being announced as the Democratic nominee jumped to 90% on crypto betting app Polymarket, up from 80% on Monday, setting a new record high. In early July, bettors were only giving 8% odds, but this changed after incumbent Joe Biden announced on Saturday that he would not run in November's election. Biden then endorsed Harris as a candidate.

Traders at Polymarket have placed $28.6 million in bets favoring Harris, according to data. The next favorite candidate is Michelle Obama.

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KAMA Memecoin Price Surge

Elsewhere, Solana-based memecoin KAMA, a political meme token modeled after Harris, surged 62% to hit an all-time high of 2 cents with a market cap of $27 million. The token is up 4,000% since hitting a low on June 18 of $0.00061, driven primarily by the possibility of Harris becoming president.

Public Reaction and Comments 

While Kamala Harris has yet to make a public comment on cryptocurrencies or her strategy for this growing market, many expect the Democratic party to mention the industry in the coming weeks, which could influence KAMA's price movements.

“While he has not yet received the formal nomination, there is consensus that last night's developments are in line with current Democratic strategy,” crypto trading firm Wintermute said in a note emailed to CoinDesk on Monday. “In the coming days, watch for comments from Democrats on this issue. "The prevailing assumption is that Harris will secure the nomination, and any deviation from this expectation could cause market volatility," the company added.

Conclusion

With this latest development, the KAMA memecoin shows great potential for further upside. Traders and investors are expected to continue monitoring news and political developments related to Kamala Harris and the Democratic campaign. If positive sentiment continues, KAMA token may reach higher price levels in the near future.

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